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(Solved by Expert Tutors) Pitino acquired 90 percent of Brey?s outstanding shares on January 1, 20


The subsidiary?s stockholders? equity accounts totaled $533,000 and the noncontrolling interest had a fair value of $61,000 on that day. However, a building (with a ten-year remaining life) in Brey?s accounting records was undervalued by $34,000. Pitino assigned the rest of the excess fair value over book value to Brey?s patented technology (five-year remaining life).

?????Brey reported net income from its own operations of $87,000 in 2013 and $103,000 in 2014. Brey declared dividends of $30,500 in 2013 and $34,500 in 2014.


Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies. (refer to screenshot 6.12.05)



 


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Apr 19, 2020

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